EURGBP

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EURGBP - ANALYSIS

The EURGBP (now at 0.7931) is set to reach a temporary top around 0.8155 and maybe 0.8227. Then it should resume the downtrend to the area 0.7693 - 0.7615.

NOTE: The BOE may stop the fall of the Euro if it breaches the support at 0.7500-0.7445. If this doesn't happen, the Euro may reach level 0.69-0.68.


TARGETS:

Topping soon at
likely: around 0.8155 
possibly: around 0.8227

Then down to:

likely:  0.7693
possibly: 0.7615



ELLIOTT WAVES

The monthly chart and weekly chart display a huge a-b-c-d-e, where "wave e" should be made out of 5 smaller waves. Waves 1-2-3 are already there and wave 4 is still in formation. The daily chart displays the start of wave 4 to 0.8155-0.8227.




Monthly chart - click to enlarge

Weekly chart - click to enlarge

Daily chart - click to enlarge

Wave oscillator on a Daily chart - click to enlarge